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The naira recorded mixed movements in the first week of 2026, showing a modest recovery from its year-end position, although sustained demand for the US dollar continues to weigh on the local currency.
Official Market (NFEM)
At the Nigerian Foreign Exchange Market (NFEM) — the Central Bank of Nigeria’s official trading window — the naira is currently exchanging at an average rate of ₦1,441.85 per US dollar.
Trading was volatile during the early hours of the session, with the exchange rate touching a low of ₦1,437.10 before stabilising around the current level.
Parallel Market Update
The parallel (black) market continues to trade at a premium relative to the official window. Independent Bureau De Change (BDC) operators and street traders across major commercial centres, including Lagos, Abuja, and Kano, are quoting the dollar between ₦1,455 and ₦1,465, depending on transaction size and location.
Market Outlook
Market participants are closely monitoring the Central Bank of Nigeria’s foreign reserve position, as well as any potential interventions aimed at boosting dollar liquidity.
Additionally, post-festive demand from manufacturers and importers restocking inventories for the first quarter of 2026 has increased pressure on the dollar, contributing to ongoing volatility in the foreign exchange market.
